India-Russia set trade target to USD 50 billion by 2025

During the 23rd Inter Governmental Commission (IGC) on trade, economic, scientific, technological and cultural cooperation, India and Russia discussed ways to increase trade, remove barriers in business and the possibilities of working together on projects in third world countries. Set for 2025, India and Russia have proposed to enhance the two-way investment target from USD 30 billion to USD 50 billion. The annual trade between India and Russia reached USD 10.17 billion in 2017. In a breakthrough of their energy partnership, earlier this year, the first shipment of LNG from Russia arrived in India. Besides, the two countries have also identified new areas of cooperation in agriculture, infrastructure, transport and space.